Valeant, Ackman Hike Allergan Bid Again

Valeant’s latest offer includes $72 per share in cash for each share of Allergan stock, up from a $58.30 cash portion announced on Wednesday. Valeant’s offer of 0.83 shares of its own stock for each share of Allergan is unchanged.

The new bid is worth some $53 billion, based on Thursday’s closing prices for Valeant.

Investors recently surveyed by JP Morgan indicated that Valeant should raise its offer for Allergan to a range of $53.5 billion to $59.5 billion.

Allergan shares were up today 5% to a market value of $49.6 billion before trading was halted. Valeant is up 2% to a market value of $44 billion.